**iLearning **

**Income Tax iLearning**

**Tax slab for men for current financial year 2012-13 and assessment
year 2013-14 with example**

Tax Slab for Men 2012-13

Slab | Tax Rate | Example for explanation |

Net taxable income is below Rs 200000 | NIL | |

Net taxable income is between Rs 200000 to Rs 500000 | 10 % on income above Rs 200000 | For example if your net taxable income is Rs 350000. First the basic exemption of Rs 200000 will be deducted out of Rs 350000 i.e. 350000-200000=Rs 150000 and tax will be calculated as 150000*10%.=Rs 15000. Also add 3 % cess on 15000 i.e. 450 hence your total tax will be Rs 15450 |

Net taxable income is between Rs 500000 to Rs1000000 | Rs 30000 Plus 20% on income above Rs 500000 | For example if your net taxable income is Rs 750000. You need to pay 30000 on first 500000 and for remaining income tax will 20% i.e. 250000*20%=50000. hence your tax will be Rs 30000 + Rs 50000=Rs 80000. Also add 3% cess on 80000 i.e. 2400 hence your total tax will be Rs 82400 |

Net taxable income is above 1000000 | 130000 Plus 30% on income above Rs 1000000 | For example if your net taxable income is Rs 1500000. You need to pay 130000 on first 1000000 and for remaining income tax will be 30% i.e. 500000*30%= Rs 150000. hence your tax will be Rs 130000 + Rs 150000=Rs 280000 Also add 3% cess on 280000 i.e. 8400 hence your total tax will be Rs 288400 |